THE DROP IN LAMB.

Taranaki Daily News, 25 February 1922, Page 7

THE DROP IN LAMB.

REPORT NOT CONFIRMED. CABLE FROM HIGH COMMISSIONER. . e I The Prime Minister cabled to the High Commissioner, London, asking him whether he could confirm, or otherwise, the statement, published in the report fit an interview in the New Zealand Times of the 16th inst., that prime Canterbury lambs worth, three weeks before, ’ld per pound, c.i.f., were then selling at 9d c.i.f. Mr. Massey has now received the following cabled reply, dated London, February 20:— “In reply to your telegram of the 16th inst., have made full inquiries, but am unable to obtain confirmation that c.i.f. sales of Canterbury lambs have been made at 9d. Firms consulted do not credit accuracy of statement, and state that they have during last week made c.i.f. sales of lambs at prices varying from 10}d to 10fd. and the sales ex ships North Island lambs have been made at and 10? d. Mutton values slightly lower, but this mainly applies to ewes and heavy-weight sheep. Prime and second-class quality light-weight sheep have been sold, last week, ex ship, at 7d.” The full statement, as it appeared in the Times of February 16, was as under:— ’‘lnformation has just come to hand of the sale of prime Canterbury lambs at 9d c.i.f. It is said that three weeks ago these lambs were worth lid c.i.f. A New Zealand Times reporter, seeking information, was informed by the representative of one exporting firm that last season the ‘bear’ operations commenced similarly, and it is now suspected that the old stored meat belonging to Armour’s is being sold at a reduced price and thereby has weakened the market for the new season’s fresh lambs. ‘This is the first result arising out of the Armour difficulty through the initiation of the meat pool,’ it was added. ‘A similar drop is reported in mutton and ewes, both of which varieties cannot now be sold at within 1J of the rates ruling ten days ago. Private cables from London report that all forward buyers are very chary about opeating ahead, with the result hat there is now practically a cessation of forward operations which have always been the basis of prices paid to growers for their live stock on the farm.’ ”